The Commission on Financial Services of South Korea creates a digital payment system

The Financial Services Commission of South Korea, also known as FCS, announced its intention to use the blockchain system to develop its digital payment system with the perfect level of protection for user data.

Currently, the FCS is busy developing regulatory norms that allow financial structures, like banks and insurance companies, to keep information about their customers safe, and also make the identity verification process much easier using software solutions based on the blockchain.

One of the representatives of the FCS, Chkhwe Jong-Ku, emphasized that such an approach to the use of innovative technologies can have a positive impact on the local labour market, creating new jobs, and attracting young professionals who are keen on developing the field of the blockchain.

For companies, the idea of a commission on the fin. services are interesting because the creation of a new payment system will make access to data of customers of small and medium-sized enterprises easier and faster. In addition, using the concept of “from application to application”, customers will be able to purchase products directly from mobile applications without paying commissions to those organizations that provide plastic cards. However, banks will continue to receive their interest in transactions.

Recall that the South Korean department is working on the softer rules for the ICO in the country, but it is still prohibited.